Customers to benefit from broad portfolio of flours and specialty
products, all backed by the supply assurance of an extensive North
American sourcing and milling network

OMAHA, Neb. & MINNEAPOLIS, May 20, 2014 (BUSINESS WIRE) --
ConAgra Foods, Cargill and CHS are pleased to announce today that their
new joint venture flour milling company, Ardent Mills, is expected to
begin operations on or about May 29, 2014. Today’s announcement follows
the conclusion of regulatory review by the U.S. Department of Justice
and the successful completion of all international regulatory
clearances. The transaction remains subject to financing and other
certain customary closing conditions.

As announced in March 2013, Ardent Mills will bring together two of the
nation’s leading and most respected flour milling companies: ConAgra
Mills and Horizon Milling, a Cargill-CHS joint venture formed in 2002.
The new company will take advantage of the combined assets, capabilities
and experience of ConAgra Foods, Cargill and CHS to bring innovative
flour and grain products, services and solutions to the marketplace.
Ardent Mills will operate as an independent joint venture of its three
parent companies, Omaha, Neb.-based ConAgra Foods, Minneapolis,
Minn.-based Cargill and St. Paul, Minn.-based CHS.

Paul Maass, president of Private Brands and Commercial Foods for ConAgra
Foods said, “We are excited to reach this milestone in the formation of
Ardent Mills and eagerly anticipate the joint venture beginning
operations this month. We strongly believe in the merits of this
transaction and the benefits it will bring to customers, consumers,
wheat suppliers, shareholders and employees.”

ConAgra Foods and Cargill expect to complete the sale of four flour
milling facilities prior to May 29 to Miller Milling Company – a
U.S.-based subsidiary of Tokyo-based Nisshin Flour Milling Inc.
Following the completion of the joint venture, Ardent Mills’ operations
and services will be supported by 40 flour mills, three bakery mix
facilities and a specialty bakery, all located in the U.S., Canada and
Puerto Rico.

Mark Palmquist, executive vice president and chief operating officer-Ag
Business, CHS Inc. added, “The formation of Ardent Mills will provide
expanded opportunities for wheat growers and co-ops because the new
company's asset base will provide additional sourcing opportunities. In
addition, Ardent Mills' product innovation capabilities and other
strengths will enable these wheat growers to further connect to the
consumer marketplace.”

Ardent Mills will offer a unique set of services, including product
development resources, technical and application support, supply chain
management and commodity price risk management. Ardent Mills also will
tap the market knowledge, transportation logistics, consumer insights,
wheat sourcing capabilities, food ingredients and culinary expertise
currently available through ConAgra Foods, Cargill and CHS.

As previously announced, Ardent Mills’ headquarters will be located in
Denver. The new company is expected to have a presence in downtown
Denver starting in 2014. In addition to its headquarters, Ardent Mills
will operate satellite offices in Omaha, Neb., and Minneapolis, Minn.

ConAgra Foods and Cargill will each own a 44 percent stake in Ardent
Mills, with CHS owning a 12 percent interest. All three companies will
have representatives on Ardent Mills’ board of directors. To learn more
about Ardent Mills, visit www.ardentmills.com.

About ConAgra Foods

ConAgra
Foods, Inc.
CAG, -0.86%
is one of North America's largest packaged
food companies with branded and private branded food found in 99 percent
of America’s households, as well as a strong commercial foods business
serving restaurants and foodservice operations globally. Consumers can
find recognized brands such as Banquet®, Chef Boyardee®, Egg Beaters®,
Healthy Choice®, Hebrew National®, Hunt's®, Marie Callender's®, Orville
Redenbacher's®, PAM®, Peter Pan®, Reddi-wip®, Slim Jim®, Snack Pack® and
many other ConAgra Foods brands, along with food sold by ConAgra Foods
under private brand labels, in grocery, convenience, mass merchandise,
club and drug stores. Additionally, ConAgra Foods supplies frozen potato
and sweet potato products as well as other vegetable, spice, bakery and
grain products to commercial and foodservice customers. For more
information, please visit us at www.conagrafoods.com.

About Cargill

Cargill provides food, agriculture, financial and industrial products
and services to the world. Together with farmers, customers, governments
and communities, we help people thrive by applying our insights and
nearly 150 years of experience. We have 143,000 employees in 67
countries who are committed to feeding the world in a responsible way,
reducing environmental impact and improving the communities where we
live and work. For more information, visit Cargill.com
and our News
Center.

About CHS

CHS Inc.
CHSCP, +1.06%
is a leading global
agribusiness owned by farmers, ranchers and cooperatives across the
United States. Diversified in energy, grains and foods, CHS is committed
to helping its customers, farmer-owners and other stakeholders grow
their businesses through its domestic and global operations. CHS, a
Fortune 100 company, supplies energy, crop nutrients, grain marketing
services, livestock feed, food and food ingredients, along with business
solutions including insurance, financial and risk management services.
The company operates petroleum refineries/pipelines and manufactures,
markets and distributes Cenex® brand refined fuels,
lubricants, propane and renewable energy products. Visit us at www.chsinc.com.

Cautionary Statement Regarding Forward-looking Statements

This release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on ConAgra Foods’ current
expectations and are subject to uncertainty and changes in
circumstances. These forward-looking statements include, among others,
statements regarding expected synergies and benefits of the potential
combination of the flour milling businesses of ConAgra Foods, Cargill
and CHS (the “Joint Venture”), expectations about future business plans,
prospective performance and opportunities, and the expected timing of
the completion of the transaction. These forward-looking statements may
be identified by the use of words such as “expect,” “anticipate,”
“believe,” “estimate,” “potential,” “should” or similar words. There is
no assurance that the Joint Venture will be consummated, and there are a
number of risks and uncertainties that could cause actual results to
differ materially from the forward-looking statements made herein. These
risks and uncertainties include the timing to consummate the Joint
Venture among ConAgra Foods, Cargill and CHS; the ability and timing to
obtain financing and satisfy closing conditions; the Joint Venture’s
ability to realize the cost synergies contemplated by the Joint Venture;
the Joint Venture’s ability to promptly and effectively integrate the
business of ConAgra Foods, Cargill and CHS; the availability and prices
of raw materials, including any negative effects caused by inflation and
adverse weather conditions; future economic circumstances; industry
conditions; the Joint Venture’s ability to execute its operating plans;
the competitive environment and related market conditions; operating
efficiencies; access to capital; actions of governments and regulatory
factors affecting the Joint Venture’s businesses; and other risks and
uncertainties pertinent to ConAgra Mills and discussed in ConAgra Foods’
filings with the SEC, including its most recent annual report on Form
10-K and subsequent reports on Forms 10-Q and 8-K. Investors and
security holders are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date they are
made. ConAgra Foods disclaims any obligation to update or revise
statements contained in this release to reflect future events or
circumstances or otherwise.

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